The Nigerian National Petroleum Company Limited has initiated fresh negotiations with the Dangote Petroleum Refinery over the renewal of the naira-for-crude agreement, as talks are underway in anticipation of the expiration of the initial deal, which ends on March 31, 2025.
The NNPCL disclosed this in a statement in response to claims that the government-owned oil company had suspended the naira-for-crude deal until 2030, as it has forward-sold all its crude oil.
This came as fresh reports indicated that crude oil worth about 486.3 billion naira was received by the 20 billion dollars Lekki-based refinery under the deal between October and December 2024.
Recall that on October 1, 2024, the government commenced the sales of crude oil in naira to local refineries to improve supply and save the country millions of dollars in petroleum product imports, as well as reduce the pump prices of refined products.